In metaclass, when to use __new__ vs. __init__?

[Matthew Wilson]

I have been experimenting with metaclasses lately.  It seems possible to
define a metaclass by either subclassing type and then either redefining
__init__ or __new__. 

Here's the signature for __init__:

    def __init__(cls, name, bases, d):

and here's __new__:

    def __new__(meta, classname, bases, d):

Every metaclass I have found monkeys with d, which is available in both
methods.  So when is it better to use one vs the other?

Thanks for the help.

Matt

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